How much does it cost to start an LLC in Illinois?
To form an Illinois LLC you will need to file the Articles of Organization with the Illinois Secretary of State, which costs $150. You can apply online or by mail. The Articles of Organization is the legal document that officially creates your Illinois limited liability company.
How do I create an LLC in Illinois?
Forming an LLC in Illinois
- Step 1: Choose a name for your Illinois LLC. …
- Step 2: Appoint an Illinois registered agent. …
- Step 3: Check if you need an Illinois business license. …
- Step 4: File articles of organization. …
- Step 5: Draft an LLC operating agreement. …
- Step 6: Comply With Employer Obligations.
How long does an LLC take to process in Illinois?
It normally takes 3-4 weeks for the LLC paperwork to be approved in Illinois. Expedited processing (typically 1 business day) is also available for an additional fee.
What should I know before starting an LLC?
Things to Know Before Starting an LLC
- What will your LLC’s name be?
- Who will be your registered agent?
- Who will draft your operating agreement?
- Why liability protection is crucial for most businesses.
- Why maintaining the corporate veil is critical.
- What will your tax options be?
Does my LLC need a bank account?
As a technical legal matter, the owners of an LLC are not required by state LLC statutes or federal tax law to have a separate bank account for the business, but there are several reasons lawyers and accountants strongly recommend having a dedicated account for an LLC.
What is the downside of an LLC?
Disadvantages of creating an LLC
Cost: An LLC usually costs more to form and maintain than a sole proprietorship or general partnership. States charge an initial formation fee. Many states also impose ongoing fees, such as annual report and/or franchise tax fees.
Do I need a EIN for my LLC?
An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed below. Most new single-member LLCs classified as disregarded entities will need to obtain an EIN. An LLC applies for an EIN by filing Form SS-4, Application for Employer Identification Number.
Is LegalZoom a good way to start an LLC?
LegalZoom may be a decent option to form an LLC if you: Want to work with an established brand to start your LLC. Are willing to pay extra for better premium services and features, such as an EIN and registered agent services. … Need to form a professional LLC (PLLC)
What does it cost to start an LLC?
The main cost of forming a limited liability company (LLC) is the state filing fee. This fee ranges between $40 and $500, depending on your state.
How do I get an EIN number in Illinois?
All other businesses must request a FEIN from the IRS website, or contact them at 1 800-829-4933 with questions. NOTE: If you are a single-member LLC and do not have a FEIN, you will need to complete the paper version of the Form REG-1, Illinois Business Registration Application.
How much is a business license in Illinois?
Business Licensing: What Do I Need?
|BUSINESS SECTOR/Activity||LICENSE TYPE||LICENSE APPLICATION FEE / 2 YEARS|
|Debt Collections – Complete Requirements||Regulated Business||$250|
|Dry Cleaner||Regulated Business||$250|
|General Retail Sales and Services||Limited Business||$250|